President Bola Tinubu on Thursday laid the 2026 Appropriation Bill before a joint sitting of the National Assembly, proposing a total budget of ₦58.46 trillion, with non-debt recurrent spending put at ₦15.25 trillion.
In his presentation, the President pegged capital expenditure at ₦26.08 trillion and set the benchmark crude oil price for the fiscal year at $64.85 per barrel.
The budget assumptions are based on daily crude oil production of 1.84 million barrels and an exchange rate of ₦1,400 to the US dollar for 2026.
A breakdown of the allocations shows that defence and security attracted the highest funding at ₦5.41 trillion, followed by infrastructure with ₦3.56 trillion.
Education was allotted N3.52 trillion, while the health sector was earmarked N2.48 trillion under the proposal titled, “Budget of Consolidation, Renewed Resilience and Shared Prosperity”.
